With the continuous deepening of education reform guided by core competencies, physics teaching is transforming from “knowledge imparting” to “ability cultivation.” As a student-centered, inquiry-based teaching model driven by real-world problems, project-based learning (PBL) is highly consistent with the essence of physics—“derived from life and applied to life.” It can effectively solve the pain points of traditional physics teaching and facilitate the cultivation of students’ core competencies. Combined with physics teaching practice, this paper starts from the application significance of PBL in physics teaching and the existing problems in its current implementation, systematically discusses its construction strategies, provides theoretical references and practical paths for physics teaching reform, and promotes the improvement of physics teaching quality and the all-round development of students’ comprehensive abilities.